Credit Cards Blog

Chase offers chip-and-PIN

JPMorgan Chase will be offering to chip-and-PIN credit cards later this year as a part of a company effort to reduce card fraud. Company CEO Eileen Serra announced the change on Tuesday at Chase's investor conference.

EMV chip cards (for Europay, MasterCard and Visa) contain a tiny computer chip that encrypts transaction data uniquely each time it is used. This makes it nearly impossible for fraudsters to create counterfeit cards. Chip cards are also widely used abroad.

Chip cards come in two varieties: one that requires a PIN to complete a transaction and one that only requires a signature. The difference is similar to how many debit card purchases require a PIN while credit card transactions often need only a signature to complete the transaction in the U.S.

Chip cards with PINs, or chip-and-PIN cards, are more protected if the card is lost or stolen and someone tries to use it fraudulently. That's because it's easier to forge a signature than to guess someone's PIN.

Several other U.S. issuers offer chip-and-PIN cards for some of their credit cards. Bank of America and several credit unions offer chip-and-PIN cards, while Citi and Wells Fargo offer the option of entering a PIN if the retailer supports it. U.S. Bank offers only chip-and-signature cards.

Chase's announcement comes after a major card hack at Target over the holidays. Fraudsters picked up data from 40 million debit cards and credit cards, along with personal information from up to 70 million individuals. Neiman Marcus, Michaels and White Lodging -- which manages major hotel chains -- also disclosed card breaches in the last two months.

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33 Comments

Lisa Dawn Hardy

January 28, 2015 at 11:17 pm

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LJ Simmons

January 05, 2015 at 4:52 pm

It's more acceptable to blame "over regulation" and "government over reach" than to actually do your job and update the security features. I'll never EVER do business with a major US bank.

Hugh

September 19, 2014 at 1:45 pm

Barclaycard now has a chip and pin (also has swipe capability) on their "arrival+" card. It is a Master Card and works well. On line processing takes about two weeks.

askmrlee

September 17, 2014 at 5:06 pm

This article is horribly wrong. The only major bank that offers a true offline Chip and PIN is BMO's Diners Club but this has not been available to new applicants for many years. On top of that there's a 3% foreign currency transaction fee to go with the $95 annual fee.

As of now, the only US financial institutions that offer a Chip and PIN (as opposed to Chip and Signature) are:

Andrews Federal Credit Union
State Department CU
United National Federal CU
USAA
Well Fargo (although these are Chip and Signature priority)

The Citi and BofA cards are Chip and Signature with online Chip and PIN capability, which means if the terminal is online (i.e. a subway ticket kiosk) you may be prompted for a PIN which will be validated much like an ATM transaction. If you're using an offline terminal (like many roadways or unattended gas pumps in France) your PIN may not work.

Mac

August 29, 2014 at 5:02 pm

On my last trip to Europe, I had substantial trouble because only one of my credit cards had a chip. Also, as of a few months back, only chip cards may be used in Australia. I just now called CHASE to have my visa card replaced with a chip-enhanced version. Unbelievably, the rep told me that they don't offer chip cards!!! This is amazing. How the heck are Americans supposed to be able to travel internationally when the banks here are decades behind the times. It's disgusting.

CJP

August 28, 2014 at 7:42 pm

Show me an American credit/bank that is with the times? Amex? no Chase? no. Citi? no BOFA? no. You see, none of these banks as of late August 2014 offer a chip and pin credit card. Very troubling how slow our banks move and react to current trends. To publish articles that promise these technologies is very strange and tabloid. I wish you would do your research before you start spouting off that Chase will have chip and pin cards later this year.It just made my day a real drag because I believed you. In fact, Chase won't get these cards until the end of 2015!! I just got off the phone with a representative (of course she was probably smoking dope too)

Well, that would be news to B of A's credit card call center as of today. Rep claims no plans for chip + PIN. If Janna Herron knows otherwise, please give us pond-scum customers the info we need to pry loose an intelligent response from B of A.

The intransigence of US issuers is breathtaking. When was the last time a clerk compared your signature to the one on your card? Baffles me what it will take to coerce / persuade US card issuers to implement the systems that have been in place, and reducing fraud, for over a decade in Europe.

Mothi

July 26, 2014 at 10:19 am

Waiting for the chip and pin cards to make their way to US.
I have trouble using the chip and signature cards at Kiosks !

Darlene Sierocuk

June 10, 2014 at 5:30 pm

In 1994 my husband and I travelled to Europe for the first time. We had trouble using our (US) credit cards due to the chip and pin requirement.
I find it unbelievable that 20 years later, we in the US still do not use chip and pin. I can only imagine that someone says, "Just raise the rates, to cover the theft".
I am going to talk with Chase (a branch opened here a month ago), about leaving my relationship with Wells Fargo/Wachovia of over 14 years. Why - because I want OUR money protected - not later - but now.
Take heed bankers - it is time to step up and use the technology that has been available for over 20 years in Europe to protect the American consumer.

Marie

May 08, 2014 at 3:40 pm

Does anyone know when Chase will begin offering the chip and pin card?

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